An apartment cooperative will typically involved a corporation renting apartments to people who are also owners of stock in the corporation. The apartment complex is owned by the corporation.
Two basic documents are ordinarily involved in the transfer of a member's or stockholder's interest in a cooperative apartment corporation: (1) an agreement for the purchase and sale of the proprietary lease and the appurtenant membership or stock; and (2) the instrument of assignment.
The agreement of purchase and sale is similar in format to an agreement for the sale of real property. The seller agrees to assign all rights under the proprietary lease covering the unit, and to sell the membership or stock in the corporation. The seller also agrees to procure the consent of the corporation to the transfer if this is required in the proprietary lease. The purchaser agrees to pay the purchase price and to submit references to the corporation and otherwise cooperate in procuring its consent to the transfer, and also promises to execute an agreement in a form approved by the corporation by which the purchaser assumes and agrees to be bound by all covenants and conditions of the proprietary lease.
The instrument of assignment does not differ materially from an ordinary assignment of a lease of real property, except that the assignor's interest in the membership or stock in the corporation is assigned together with interests under the proprietary lease. Ordinarily, the assignor declares that there are no liens or other claims outstanding against the lease or the shares to be assigned, that there are no undischarged bankruptcy proceedings or unsatisfied judgments or tax liens outstanding against the assignor, and that the assignor has full right and authority to assign the lease and shares.
The Wyoming Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the process of assigning or transferring the lease and membership rights of a cooperative apartment in the state of Wyoming. This agreement is crucial for both parties involved in the transaction to protect their interests and clarify their responsibilities. The main purpose of the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership in Wyoming is to legally transfer the lease and membership rights from the assignor (the person assigning the rights) to the assignee (the person receiving the rights). This document ensures proper allocation of responsibilities, including payment of maintenance fees, adherence to cooperative bylaws, and other obligations associated with occupying the cooperative apartment. It is important for the agreement to be comprehensive and cover all relevant aspects of the transaction. This includes identifying the parties involved, providing a detailed description of the cooperative apartment being assigned, specifying the terms and conditions of the assignment, and outlining any financial considerations such as assignment fees or security deposits. In Wyoming, there may be different types or variations of the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, depending on specific circumstances or additional requirements. Some possible variations include: 1. Wyoming Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Assignment Fee: This type of agreement includes provisions for a fee to be paid by the assignee to the assignor in exchange for the assignment of lease and membership rights. 2. Wyoming Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Security Deposit: This variation may involve the assignee providing a security deposit to the assignor, which will be returned upon the satisfactory fulfillment of the lease and membership obligations. 3. Wyoming Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Consent of Cooperative Board: In certain cases, the cooperative board or association may need to approve the assignment before it can be considered valid. This type of agreement includes provisions for obtaining the necessary consent from the board. 4. Wyoming Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership with Subleasing Restrictions: If the cooperative's bylaws restrict or regulate subleasing of apartments, this variation of the agreement would address any subleasing permissions or limitations. Overall, the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership in Wyoming is a critical legal document that ensures a smooth transfer of lease and membership rights. By defining the terms, obligations, and financial considerations, this agreement protects the interests of both the assignor and assignee, providing clarity and legal protection throughout the assignment process.
